Unfazed by Record-Low Trading Volume, What’s Behind Bitcoin Holding at 103 Million Won on Upbit?

▲ Upbit market conditions as of 8:07 a.m. on March 13

Despite the double blow of surging oil prices and a plunge in the New York stock market that has shaken the global macroeconomy, the domestic virtual asset market is demonstrating remarkable resilience and building a solid line of defense. As fear dominates traditional financial markets, an unusual phenomenon is unfolding in which virtual assets are acting as a safe haven against geopolitical crises.

As of 8:07 a.m. on the 13th, data from Upbit, the nation’s largest virtual asset exchange, shows that market leader Bitcoin (BTC) was trading at 103.12 million won, up 0.38% from the previous day, maintaining a firm tone. Despite macroeconomic shocks, it remains comfortably above the psychological support level of 100 million won, steadily anchoring the market.

Major altcoins are also showing their own resilience. Ethereum (ETH) rose 1.53% to 3,047,000 won, while XRP gained 0.15% to settle at 2,028 won. Even large-cap meme coins such as Dogecoin (DOGE) climbed 2.96% to 139 won, proving that investor sentiment has not completely collapsed.

Individual tokens are also standing out. NOMI (NOM) surged 24.43% to 7.64 won, while ENSO jumped 16.76% to trade at 1,909 won, indicating active sector rotation. This suggests that buying interest seeking niche profits remains alive within the market even during a downturn.

While prices show strong defensive power, trading volume—a key indicator of market vitality—tells a very different story. According to Upbit’s one-year trading volume trend data provided by crypto data site CoinGecko, the current market is suffering from a severe drought in activity.

▲ Source: CoinGecko

The towering volume bars that surged explosively in mid-2025 have recently shrunk to near-bottom levels. Heightened concerns over liquidity tightening combined with fears of war stemming from the Middle East have led most retail investors to halt active trading and shift into a deep wait-and-see stance.

Paradoxically, this extreme plunge in trading volume is the key to explaining the current price strength and resilience. While buying has decreased amid fear, selling pressure from those willing to dump assets at bargain prices has also dried up. With long-term holders firmly in control, prices are not easily pushed down even in a shallow order book.

Experts interpret this as a complete decoupling from traditional financial assets. As oil prices surpass $100 and redemptions are suspended in private credit markets, some capital exiting equities is flowing instead into Bitcoin as an inflation hedge, offsetting downward pressure.

The market’s next move will depend on when and in which direction the dried-up trading volume erupts. If geopolitical risks around the Strait of Hormuz ease and oil prices stabilize, the highly compressed energy in the market could convert into buying momentum and trigger an explosive rally.

However, it is too early for outright optimism. Price resilience unsupported by volume is like a sandcastle that can collapse under even a small macroeconomic shock. For now, it is essential to closely monitor global liquidity flows and policy changes in major economies while maintaining a conservative portfolio strategy in preparation for potential volatility.

Disclaimer: This article is for investment reference only and we are not responsible for any losses incurred based on it. The content should be interpreted solely for informational purposes.